When purchasing a home, you are faced with a multitude of tasks and decisions.
Rethink's Six Steps To Owning a Home
STEP ONE: Save, save, save!
Save for a down payment! If you’re a first-time home buyer, then 5% + closing costs should get the job done. During this period, it’s important that your credit score remains high. Pay your bills, save your money. Period.
STEP TWO: Mortgage Loan Pre-Qualification
Contact your financial institution or set up an appointment with a mortgage broker. We can refer you to a mortgage specialist if need be. Documents you’ll need for your pre-approval are:
1) Government issued photo ID with current address
2) Proof of address and your address history
3) Contact information for your employer and your employment history
4) Proof of income
5) Proof of down payment (amount and source)
6) Proof of any savings and investments (investments are not a requirement for a mortgage approval)
7) Details of current debts and other financial obligations: car payments, loans, credit cards, etc
STEP THREE: Let’s start looking for homes!
Once you've been pre-qualified and we now know exactly how much house you can afford, let’s start looking! We will listen to your wants and needs, and we will work tirelessly to find you the perfect home! We will attend Open Houses together and I will schedule private viewings for us to attend.
We have the best possible resources and communication systems available, to help you locate the homes on the market that match your specifications.
STEP FOUR: You’ve fallen in love with a home!
Here’s where we get down to business. We will write an offer on your behalf and negotiate for you. The offer will include, but is certainly not limited to: the amount you’d like to pay, the date you’d like to move in and various subjects/conditions such as a home inspection (paid for by you), confirmed financing and a myriad of other subjects depending on the type of property you’re purchasing. Don’t worry… we’re competent and experienced. We’ve so got this.
STEP FIVE: Once your offer has “gone firm”….
Meaning: it’s been about a week since your offer was accepted and during this time, you have fulfilled all the subjects and the home is now yours! It is VERY IMPORTANT that you do not leave your job and that you are on your best financial behavior until the day your home closes and you get to move in. This means: no big credit card purchases (furniture, trips, Prada bags, etc), do not co-sign a loan for anyone and pay your bills on time.
STEP SIX: Prepare for the big day!
Pack, line up utility connections, change your address, schedule the moving van and please, refer us to your friends and family.
CONGRATULATIONS, home owner!!!!
Sidenote: there are many more details we could include in this Home Buying section. No worries though... we are competent, experienced and we will make sure you're never left wondering what your next move should be.